Calacanis Bludgeons Angel Group Keiretsu Forum Into Submission

Henry Blodget

Oct. 21, 2009, 12:04 PM

Keiretsu Forum, one of the angel groups that charge entrepreneurs for pitching investors, has decided to stop charging early-stage companies.

Of course the decision has nothing to do with the storm of coast-to-coast criticism Jason Calacanis stirred up last week by declaring war on Keiretsu Forum, PrivateEquityForums, and other similar groups.

PEHub: The angel network is asking chapters to waive their presentation fees for "true startups" — companies that have no revenue and less than $500,000 in capital and are trying to raise less than $500,000 from investors, said Randy Williams, Keiretsu's founder and CEO.

Williams said the change is not a response to the recent attacks on the fees launched by investor Jason Calacanis — who has promised to start his own angel network on Monday, November 16, unless Keiretsu and several other angel groups drop their fees — but have been in the works for several months. Keiretsu also has no plans to drop fees for other entrepreneurs.